Lyft Inc. (NASDAQ: LYFT) reported its financial results for the fiscal fourth quarter on Tuesday that topped analysts’ estimates for earnings and revenue. The company, however, said active riders were lower than expected in recent months due to the ongoing Coronavirus pandemic.
Lyft shares were reported more than 10% up in after-hours trading on Tuesday. The stock has recovered roughly 225% since its low in March 2020 when the COVID-19 pandemic started restricting people to their homes. At the time of writing, Lyft is valued at £12.31 billion.
Lyft’s Q4 financial results versus analysts’ estimates
According to Refinitiv, experts had forecast the company to print £407.01 million of revenue in the fourth quarter. Their estimate for loss per share in Q4 stood at 52.05 pence. In its report on Tuesday, Lyft topped both estimates posting a higher £412.07 million of revenue and a lower 41.93 pence of loss per share in the recent quarter.
The ride-hailing company said it had 12.55 million active riders in the fourth quarter versus the FactSet Consensus of a higher 13.2 million. Lyft generated £32.82 of revenue per active rider in Q4 versus a lower £30.51 expected. In November 2020, Lyft had expressed confidence that it will turn EBTIDA profitable by the fourth quarter of fiscal 2021.
In separate news from the United States, the American multinational beauty company, Coty Inc., also reported quarterly financial results on Tuesday.
Lyft reports £1.74 billion of revenue in fiscal 2020
For fiscal 2020 as a whole, Lyft valued its revenue at £1.74 billion compared to a higher £2.6 billion in the previous financial year. The San Francisco-based firm reported £331.24 million of net loss in the recent quarter versus the year-ago figure of £257.36 million.
At 26.3%, Lyft’s adjusted EBITDA loss margin jumped in Q4 from 12.9% in the same quarter last year. The U.S. company said it had £1.66 billion of unrestricted cash, equivalents, and short-term investments at the end of the fourth quarter.
CEO Logan Green commented on the earnings report on Tuesday and said:
“I think there’s a lot of hype that’s kind of hogwash about how cities are dead and everybody is going to leave cities. There have been economic disasters, wars, pandemics in the past. And after each one, cities come back stronger than ever. So, I don’t foresee that kind of change having an impact on our business long-term.”
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